3i sells European venture investments to Cipio Partners

3i has agreed to sell 10 European investments in secondary direct investment firm Cipio Partners. The investments are part of 3i's European venture portfolio and comprise late-stage venture investments in information technology, internet media and cleantech businesses.

Cipio cited its ability to rapidly execute transactions with large asset pools, as well as its track record with vendors and portfolio companies in the past, as important factors to get the deal. The transaction reflects how a growing number of private equity firms are selling their stakes on the secondary market, a trend that many industry players believe will only increase over the coming months.

3i Group refocused its strategy away from venture capital to growth capital investment in early 2008.

Cipio was advised by Skadden Arps Slate Meagher & Flom, while 3i Group was advised by Mummert & Company Corporate Finance and CMS Hasche Sigle.

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